- Jesse Powell, Kraken’s CEO, said that he still believes Bitcoin prices will rise in 2022. He also acknowledged the potential for new downsides.
- Powell had predicted the last rally could have seen ‘Bugatti for1 BTC’ purchases.
- Bitcoin is currently trading at around $23,680
Jesse Powell, Kraken CEO says he remains bullish about Bitcoin (BTC). He also stated that he still likes the idea of buying a Bugatti using one BTC. He would not bet against the flagship cryptocurrency, he told “Bloomberg Crypto” in an interview.
Powell also commented on the US Treasury’s sanctions against crypto mixing platform Tornado Cash, seeing the move as “unconstitutional” and a “knee jerk reaction” following recent turmoil in crypto.
He said that there will be a constitutional challenge against the sanctions.
Powell claims that Bitcoin can rise in 2022
In 2021, as Bitcoin price rallied, Powell told Bloomberg that by the end of the year, one BTC would be able to buy Lambo – alluding to the realisation of the Crypto Twitter phrase ‘when lambo’ for when one Bitcoin would buy a Lamborghini. He also predicted that the end of 2022 would see ‘one bitcoin per Bugatti’.
Bitcoin’s peak was just above $69,000 in November 2017, before closing at around $46,000 in 2021. After another rejection at $25k, Bitcoin traded below $23,680 in June. This was the bearish extension of the bearish trend into 2022.
Despite this, a bullish Powell believes it’s still possible for Bitcoin to rally as the year ends for the Lambo and Bugatti dream to come true. He doesn’t want to lose sight of his dreams, especially considering what happened in 2022.
“I wasn’t expecting all of this crazy, craziness in the macro environment,” he stated, noting that this doesn’t mean he is now bearish.
“I’m still very bullish. I bought Bitcoin again at $18,000 so I’m happy to ride it all the way back up. I’m still very bullish in the long run. You know, the fundamentals keep improving so I would never bet against Bitcoin,” he explained.
Powell’s comments come as the crypto industry looks to exit the rough terrain that has characterised the last several months.
